INCOME TAX OFFICER, 1(3)(3), MUMBAI V. M/S. TRAVEL AGENTS ASSOCIATION OF INDIA, MUMBAI

ITA 2928/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 1747 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-06-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 02-06-2010
• Assessment Year: 2005-2006
• Appeal Filed On: 07-05-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUM EET KUMAR
• Assessee Lawyers: MITUL H GORADIA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES E, MUMBAI BEFORE SHRI R.S.SYAL, AM AND SHRI R.S.PADVEKAR, JM ITA NO.2928/MUM/2009 : ASST.YEAR 2005-2006 THE INCOME TAX OFFICER WARD 1(3)(3) MUMBAI. VS. M/S.TRAVEL AGENTS ASSOCIATION OF INDIA 2-D, LAWRENCE & MAYO HOUSE 276, DR.D.N.ROAD, FORT MUMBAI 400 001. PA NO.AAACT2733J. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI SUMEET KUMAR RESPONDENT BY : SHRI MITUL H.GORADIA O R D E R PER R.S.SYAL, AM : THIS APPEAL BY THE REVENUE ARISES OUT OF THE ORDER PASSED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) ON 17.2.2009 I N RELATION TO THE ASSESSMENT YEAR 2005-2006. 2. THE ONLY EFFECTIVE GROUND IS AS UNDER:- ON THE FACTS AND THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD.CIT(A) ERRED IN TREATING THE INTEREST OF RS.9,58 ,106/- ON FIXED DEPOSITS NOT TAXABLE, ON THE PRINCIPLE OF MUTUALITY . 3. AT THE VERY OUTSET THE LEARNED COUNSEL FOR THE A SSESSEE STATED THAT SIMILAR TREATMENT GIVEN TO INTEREST INCOME BY THE ASSESSING OFFICER IN EARLIER YEARS WAS CHALLENGED BEFORE THE LEARNED FIRST APPELLATE AUTH ORITY, WHO DECIDED THE ISSUE IN ASSESSEES FAVOUR AND THEREAFTER THE TRIBUNAL UPHEL D SUCH VIEW FOR ASSESSMENT YEARS 2003-2004 AND 2004-2005 IN ITA NOS.3986/MUM/2 006 AND 3545/MUM/2007. COPIES OF BOTH THE ORDERS WERE PLACE D ON RECORD. IT WAS, THEREFORE, PRAYED THAT SIMILAR VIEW BE TAKEN IN T HE CURRENT YEAR. THE LEARNED DEPARTMENTAL REPRESENTATIVE FAIRLY CONCEDED THAT TH E FACTS AND CIRCUMSTANCES OF ITA NO.2928/MUM/2009 M/S.TRAVEL AGENTS ASSOCIATION OF INDIA. 2 THIS YEAR ARE SIMILAR TO THOSE OF THE PRECEDING YEA R. RESPECTFULLY FOLLOWING THE PRECEDENTS, WE UPHOLD THE IMPUGNED ORDER BY LAYING DOWN THAT THE INTEREST ON FIXED DEPOSITS, IN THE PRESENT CIRCUMSTANCES, IS N OT TAXABLE ON THE PRINCIPLE OF MUTUALITY. 4. IN THE RESULT, THE APPEAL IS DISMISSED. ORDER PRONOUNCED ON THIS 11 TH DAY OF JUNE, 2010 . SD/- SD/- (R.S.PADVEKAR) (R.S.SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI : 11 TH JUNE, 2010 . DEVDAS* COPY TO : 1. THE APPELLANT. 2. THE RESPONDENTS. 3. THE CIT CONCERNED 4. THE CIT(A)-XXI, MUMBAI. 5. THE DR/ITAT, MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR, ITAT, MUMBAI.